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TBC Bank prices US$75 million Subordinated Notes
TBC Bank prices US$75 million Subordinated Notes.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7035Q\n TBC Bank Group PLC\n 29 October 2021\n \n \n \n \n TBC Bank prices US$75 million Additional Tier 1 Capital Perpetual \n \n \n Subordinated Notes\n \n \n \n \n \n NOT FOR PUBLIC RELEASE\n , PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n \n \n \n \n On Thursday, 28 October JSC TBC Bank (the \"Bank\"), the leading bank in Georgia, successfully priced a US$75 million 8.9% yield Additional Tier 1 Capital Perpetual Subordinated Notes issue (the \"Notes\"). The Notes are being offered and sold in accordance with Rule 144A and Regulation S. \n \n \n \n \n \n The Notes me\n et the NBG criteria (consistent with Basel III requirements) for qualification as Additional Tier 1 Capital and will further strengthen the Bank's capital base and support the Bank's growth and sustainable development.\n \n \n \n \n \n Vakhtang Butskhrikidze, CEO, TBC Bank, commented\n :\n \n \n \"\n We are happy that the new issue attracted solid demand from investors across EU, UK and US evidencing strong investor appetite for TBC's quality credit story. The AT1 issue will allow TBC Bank to maintain an efficient capital structure and strong capital base to fund mid-term growth opportunities\n \"\n .\n \n \n \n \n \n \n The book building followed a series of debt investor meetings and enjoyed strong investor appetite with an orderbook that peaked at over US$200 million, including a wide geographic distribution, represented by significant uptake in the UK, Switzerland and other Europe.\n \n \n \n \n \n The Notes are expected to be listed Euronext Dublin's Global Exchange Market on or about 4 November 2021 and to be rated B- by Fitch. \n \n \n \n \n \n Barclays, Citigroup, J.P. Morgan and Renaissance Capital are acting as Joint Bookrunners and Joint Lead Managers for the Notes, and TBC Capital is acting as Joint Lead Manager. Baker & McKenzie LLP and Dentons Georgia LLC are acting as legal advisors to the Bank, while Latham & Watkins LLP and BGI Advisory Services Georgia LLC are acting as legal advisors to the Joint Lead Managers.\n \n \n \n \n MANUFACTURER TARGET MARKET (MIFID II PRODUCT GOVERNANCE / UK MIFIR PRODUCT GOVERNANCE) IS ELIGIBLE COUNTERPART...